Raymond James Says Coupa Beat Oracle and SAP In Software Market Share Gains

Raymond James observed Gartner's report that saw Coupa Software Inc COUP gain ~135 points of software market share in procurement, with a growth of 35%, more than double the industry average at ~16%.
While acquisitions aided that market share gain, Raymond saw that none of the most prominent players (mainly Oracle Corp ORCL and SAP SE SAP with 43% share) grew faster than low double digits.
While the overall spending on procurement has slowed during COVID, we think the data should help alleviate bearish concerns about Coupa's win rates changing.
Price Action: COUP shares traded lower by 6.35% at $93.56 on the last check Monday.